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Is it time to pull Credit on upcoming Mortgage?

UpAndComing74
Regular Contributor

Is it time to pull Credit on upcoming Mortgage?

All,

I have beentrying to make sure I had a decent midscore for a upcoming Mortgage.

My scores are Eq-696.  TU-712.  EX-734.  These are in fact Mortgage scores from MyFico.  I have been waiting until 01/10/2021 to get to my 4 year discharge for Conventional purposes.

I have 1 30 day late 01/2020 and 2 30 day lates from hurricane of 2017.

 

The home is $409,000.  I have $70K in assets and plan to put 5% down($20,800).  Closing date is set in August 2021.  I found out today that my department is moving overseas so last day, unless hired elsewhere in the company is 12/31/2021.

 

Am I ready to apply as soon as Feb 2021?  Can I be approved with the above situation?  Do lenders worry about future employment or just if you are employed at the time of closing?

 

Thanks in advance!


Starting Score: 614
Current Score: 614
Goal Score: 700


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Message 1 of 7
6 REPLIES 6
UpAndComing74
Regular Contributor

Re: Is it time to pull Credit on upcoming Mortgage?


@UpAndComing74 wrote:

All,

I have beentrying to make sure I had a decent midscore for a upcoming Mortgage.

My scores are Eq-696.  TU-712.  EX-734.  These are in fact Mortgage scores from MyFico.  I have been waiting until 01/10/2021 to get to my 4 year discharge for Conventional purposes.

I have 1 30 day late 01/2020 and 2 30 day lates from hurricane of 2017.

 

The home is $409,000.  I have $70K in assets and plan to put 5% down($20,800).  Closing date is set in August 2021.  I found out today that my department is moving overseas so last day, unless hired elsewhere in the company is 12/31/2021.

 

Am I ready to apply as soon as Feb 2021?  Can I be approved with the above situation?  Do lenders worry about future employment or just if you are employed at the time of closing?

 

Thanks in advance

 

@Mortgage-Specialist 


 


Starting Score: 614
Current Score: 614
Goal Score: 700


Take the FICO Fitness Challenge

Message 2 of 7
VALoanMaster
Valued Contributor

Re: Is it time to pull Credit on upcoming Mortgage?

Hi @UpAndComing74,

 

Lenders order a written verification of employment & one of the questions on the form is probability of continued employment. Depending on how your HR answers that question, it could be a problem.

If you haven't already applied with a lender, I would do that ASAP. It's possible that a conventional loan may not be an option because you've had lates after a bankruptcy discharge.

 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 3 of 7
UpAndComing74
Regular Contributor

Re: Is it time to pull Credit on upcoming Mortgage?


@VALoanMaster wrote:

Hi @UpAndComing74,

 

Lenders order a written verification of employment & one of the questions on the form is probability of continued employment. Depending on how your HR answers that question, it could be a problem.

If you haven't already applied with a lender, I would do that ASAP. It's possible that a conventional loan may not be an option because you've had lates after a bankruptcy discharge.

 


Thank you for your response.

 

regarding the lates. Can they pass with an explanation of Natural disaster(Hurricane 2017) and a better than 700 mid score.. or will the AUS automatically kick it out?


Starting Score: 614
Current Score: 614
Goal Score: 700


Take the FICO Fitness Challenge

Message 4 of 7
VALoanMaster
Valued Contributor

Re: Is it time to pull Credit on upcoming Mortgage?


@UpAndComing74 wrote:

@VALoanMaster wrote:

Hi @UpAndComing74,

 

Lenders order a written verification of employment & one of the questions on the form is probability of continued employment. Depending on how your HR answers that question, it could be a problem.

If you haven't already applied with a lender, I would do that ASAP. It's possible that a conventional loan may not be an option because you've had lates after a bankruptcy discharge.

 


Thank you for your response.

 

regarding the lates. Can they pass with an explanation of Natural disaster(Hurricane 2017) and a better than 700 mid score.. or will the AUS automatically kick it out?


It's hard to say, that's why you need a lender to run AUS to find out. 

VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
Message 5 of 7
JVille
Valued Contributor

Re: Is it time to pull Credit on upcoming Mortgage?

COE August 2021..... end of current job December 31st. This is the bigger issue. Your loan will be Underwritten twice, once now and it may slide thru but next August who knows what HR will say about "Probability of continued employment". 
If you want a house now buy an existing home or prepare for the possibility that come next August the outcome is not a pretty one. JMHO 

Message 6 of 7
UpAndComing74
Regular Contributor

Re: Is it time to pull Credit on upcoming Mortgage?

@VALoanMaster @Sent you a PM.

 

thanks


Starting Score: 614
Current Score: 614
Goal Score: 700


Take the FICO Fitness Challenge

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